Trump-Xi summit hides simmering trade tensions under the surface, industry experts say

The scheduled summit next week between US President Donald Trump and Chinese President Xi Jinping will almost certainly include proclamations about cooperation, friendship and respect between the leaders of the world’s two largest economies, but beneath the surface, major trade conflict is building, said trade experts on Wednesday.In the past, a weaker China was forced to grit its teeth and grudgingly accept US tariffs, export restrictions and other restrictions, but Beijing has quietly and methodically amassed increasingly effective tools it believes will counter what it sees as Washington’s heavy-handed behaviour.“It kind of looks calm, like OK, maybe the summit could cement this agreement, and everything will be fine. But actually, underneath the surface here, we see a lot of pressure brewing,” said Marcus Noland, executive vice-president with the Peterson Institute of International Economics (PIIE).